Most people do not select a place of residence based on: A. lifestyle B. needs C. values. D.attitudes E. credit score

Answer and Explanation:

The journal entries are shown below:

On July 1

Account receivable $20,000

          To Sales revenue $20,000

(Being sales is recorded)  

Sales return and allowance  $1,300  

      To Allowance for sales returns and allowance$1,300

(Being the estimation of the sales return is recorded)  

On July 1

Cash ($20,000 × 97%) $19,400

Sales discount $600

       To Account receivable  $20,000

(being cash is recorded)

On July 17

Account receivable $200,000

       To Sales revenue  $200,000

(Being account receivable is recorded)

On July 30

Cash $200,000

       To Account receivable $200,000

(Being cash is recorded)